Resolution 1999-08 STATE OF ILLINOIS ) March 22, 1999
COUNTY OF KENDALL )
RESOLUTION NO. 1999-�
RESOLUTION PROVIDING FOR FUNDING FROM
THE UNITED CITY OF YORKVILLE TO THE
YORKVILLE ECONOMIC DEVELOPMENT CO-OPERATIVE
WHEREAS, the Competitive Community Initiative (CCI), through general public input,
recommended an Economic Development Co-Operative in order to provide a full time Economic
Development Director; and
WHEREAS, meetings with the committed City and community leaders have been very
positive and supportive of this concept; and
WHEREAS, the United City of Yorkville would gain by increased economic
development activity; and
WHEREAS, the Economic Development Co-Operative shall require start-up costs as well
as the hiring of an Economic Development Director in order to provide necessary support
services for said Economic Development Co-Operative; and
WHEREAS, the City Council of the United City of Yorkville has duly considered the
benefit to the United City of Yorkville as well as the amount of funding necessary to operate said
Co-Operative on an annual basis:
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NOW, THEREFORE, be it resolved by the City Council and the Mayor of the United
City of Yorkville, upon motion duly made, seconded and approved by a majority of those
members so voting, that the United City of Yorkville shall fund the sum of$45,000.00 annually
for a three year period for the creation of a Yorkville Economic Development Co-Operative.
During the first year of funding, the $45,000.00 amount pledged by the City of Yorkville shall be
reduced pro-rata on a monthly basis by the salary currently paid by the City for its current
Economic Development Director, until that contract expires upon formation of the Yorkville
Economic Development Co-Operative and the appointment of a full-time Director for said Co-
Operative. Upon termination of the City Economic Development Director, the remaining
amount of the first year's pledge shall be paid.
Said funding shall be contingent upon a Yorkville Economic Co-Operative actually being
formed and organized, expenses for which the United City of Yorkville will help advance. Said
funding shall further be conditional upon the United City of Yorkville through its City Council
annually reviewing the success and operation of the Co-Operative as an economic benefit to the
United City of Yorkville and its citizens in order to require subsequent financing after the first
year. Each annual renewal shall occur by April 30 of each calendar year.
Passed this_&�day of March 1999.
M
Prepared by:
Law Offices of Daniel J. Kramer
1107A S. Bridge St.
Yorkville, IL 60560 Attest:(630) 553-9500 553-9500 CITY CLER-K
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